Western Forest Products has reported net income of $38.6 million in the second quarter of 2022, as compared to $38.0 million for the first quarter of 2022, and $78.3 million for the same period last year.
“We continue to deliver strong results overcoming significant cost pressures and logistics challenges,” said Don Demens, president and CEO. “Recent capital announcements for our coastal manufacturing business and the addition of glulam to our specialty lumber portfolio are important steps forward in Western’s strategy to move up the product value chain and to improve shareholder returns.”
Strong Japan lumber demand and record specialty product pricing drove revenue growth, but earnings were reduced by increased stumpage expense, logistics constrained shipments, higher export tax, freight rates and operating costs. In addition, a significant decline in commodity lumber pricing through the quarter and weaker cedar markets led to increased inventory provisions.
Read the full results summary: www.westernforest.com/wp-content/uploads/2022/02/NR-Results-2022-Q2.pdf
